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October 2nd, 2019: SP-500 Chart Update

Posted by pugsma on October 2, 2019

4:05 pm EST:   As expected the SP-500 collapsed (hit 2875 intra-day) towards the head and shoulders target area of 2884 to 2860.  The wave count is looking for a minor 1 of major [1]-PA-C2 low to form between here (2872 pivot) and the 200-day SMA at 2837.

SP-500 15-min chart:

SP500 Technical Analysis

SP-500 60-min chart:

SP500 Technical Analysis

SP-500 4-hr chart:

SP500 Technical Analysis

23 Responses to “October 2nd, 2019: SP-500 Chart Update”

  1. pugsma said

    2860 H&S Lowe target hit.

    200-day SMA at 2842.

    Intra-day NYMO at extreme -80.

    NYMO closed at -65 yesterday below its BB for a 2nd day. A close today below its Lower BB would be a very rare 3rd consecutive close below the lower BB.

  2. rat8nine said

    tsla 15

    • pugsma said

      My Tesla Model S 75D is the best car I’ve ever owned.

      That includes BMW, Jaguar and Porsche models that I’ve owned.

      Electric cars are the future. Gasoline cars will become like analog film (extinct). 😎

      • rat8nine said

        Which companies do you think will wind up the leaders over time?

        • pugsma said

          Tesla is the USA electric car and electric home pure play. Their battery technology (works in all thermal environments) is the key. They are building a battery giga-factory’s in both China and Europe, to supplement the one in Nevada. They are producing nearly half the lithium ion batteries 🔋 made on planet 🌎.

      • rat8nine said

        Interesting….so toward the end of the cycle move down, tsla should emerge as a leader in the next cycle move up….as best as I can see it, tsla seems to be well ahead of spx, in that it may have just completed a wave 4 triangle within a Major [3] move down. Sometime next year it could set up long well ahead of the indexes….

        On a personal note, I just replaced my 2003 Honda Accord 5 speed with a 2018 bmw X1.

      • What about the Tesla is “best”? Just curious…..

        • pugsma said

          There many YouTube and Professional Car reviews out there who can help explain the Tesla Model S advances and merits. It was recently voted the most important car of the last 70 years by Motor Trend. Also go take one for a test drive and engage auto-pilot (v3, level 3 autonomy).

      • hmeda said

        I love my Porsche!

  3. pugsma said

    That SP500 dip to 2855 just setup some potential +DIV on the 15-min chart MACD.

  4. pugsma said

    Since we didn’t really get a good wave (4) of minor 1, there is chance that this is it now and 2855 was the end of wave (3). We’ll see with more price action…

  5. kazoom1618 said

    SPX 10min – I’ve noticed recently how the algos run the index to a point where the fibs land exactly on gap borders. Interesting…

  6. pugsma said

    House Keeping: Today’s Thursday SP-500 update will be the last until Monday evening. I’m headed out of town for the weekend tonight on Flight to Boston.

  7. pugsma said

    IWM (small cap index) is very close to a daily chart “death cross” where the 50-day SMA crosses below the 200-day SMA.

  8. pugsma said

    The real question now is: What about all those trapped bulls who bought in during the island top (2941 to 3022) and got left holding the bag on yesterday’s gap down from the 1941 pivot area. Will they get a chance to sell-out during minor 2 wave? Will that wave close the gap?

  9. Hi Steve,

    Even though this C1-P5 pattern is pretty rare (Major 3 < 5), this minor 2 retracement must not exceed 3022 right? No leniency for kissing 3022<x<3028?

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